Daily Energy Report

Crude Oil Futures for April 2020 settled down $2.79 @ $22.43/bbl trading in a $8.43 range including the overnight-RBOB settled down 7.96/cpg and Heating Oil settled down 3.54/cpg.
Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +2.0 mil/bbl. for the week ending March 13th, 2020. Gasoline inventories were down by -6.2 mil/bbl and Distillates were also down for the time frame by -2.9 mil/bbl., domestic refiners ran at 86.4% unchanged versus just a week ago. Total domestic crude storage now stands at 453.7 mil/bbls (ex-SPR) an increase of approximately +11.3 mil/bbl over the past five weeks while Gasoline stocks are down -20.2 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased last week by -7.7 mil/bbl. last week.

Natural Gas Futures for April 2020 settled down $0.050 @ $1.604/mmbtu trading in a .111 cent range including the overnight session.
The Energy Information Administration’s weekly domestic Natural Gas storage report released early Thursday morning showed that Natural Gas storage decreased by -9 bcf for the week ending March 13th, 2020 on the highest side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.034 tcf. The 2.034 tcf represents a staggering surplus, now standing at +76.0% or +878 bcf versus the year over year average, while the surplus versus the five year average also continues to grow- now standing at +16.0% or 281 bcf.